Six in ten Gen-Z savers have a five-year financial plan

Research by First Direct has found that six in ten (59%) of Gen-Z savers have a five-year financial plan, this compares with four in 10 (40%) of Millennials, born between 1981 and 1996. 

The data also showed that approximately 76% of millennials and 73% of Gen-Z individuals are committed to achieving their financial goals, despite economic challenges.

The research found that despite the tough economic landscape, with younger generations facing delaying financial goals such as home ownership or achieving the salary level they wanted, around three-quarters of the Millennial (76%) and Gen-Z (73%) generation said they are determined to reach their goals.

Half (50%) of Millennials said the cost-of-living crisis had forced them to delay financial milestones, with economic uncertainty (28%) and a lack of wage growth (27%) also meaning money goals had been delayed.

The most common goals for Millennials surveyed were achieving a better work-life balance (34%), saving for retirement (29%), travelling to new places (29%), achieving financial independence (29%), earning substantially more money (29%) and advancing their career path (29%).

Carl Watchorn, Head of Banking at First Direct said “What our data shows is that younger people have very high aspirations when it comes to achieving their financial goals.

“Having navigated a range of challenges, including higher costs of living and the aftermath of the pandemic, they are also an incredibly resilient generation that’s committed to building a good standard of living.”